In a statement issued earlier today, a2MC said it will not recommend the proposed deal to shareholders as it "does not consider that the proposal in the EOI [expression of interest] is compelling."
Last month, a2MC announced it had received a conditional and non-binding EOI from "significant shareholder" Freedom Foods and an "unnamed leading international" dairy.
Dean Foods, America's second largest dairy processor, was later confirmed as Freedom Foods' mystery partner.
a2MC has informed Freedom Foods and Dean Foods that despite the knock back "it is willing to have a discussion in relation to the EOI."
"Other confidential enquiries"
Dean Foods and Freedom Foods could, however, face competition, a2MC revealed.
"The Board has also received other confidential enquiries indicating potential interest in the Company, and is in the course of evaluating these," today's statement continued.
It added, however, that "a takeover is not imminent."
"The Board remains of the view there is no certainty that any proposal will result in a transaction or offer capable of acceptance by the Company or its shareholders," it said.
Given the meteoric rise of a2 Milk, interest in a2MC is unsurprising.
a2 Milk is rich in A2 beta casein protein, but contains no A1 beta casein protein, which has been linked to digestive discomfort.
In Australia, a2 Milk controls a 9% value share of the country's fresh milk market.
a2MC has since established operations in the UK, China and the US.